I can't imagine why there are so many forclosures
Posted on 08/04/2015 10:12:44 AM PDT by Oldeconomybuyer
At a time when home prices nationally are, if anything, showing signs of being too strong, the picture in Baltimore is the opposite.
According to CoreLogic, prices in the Baltimore-Columbia-Towson metro area were down 8% in the year ending June, the worst showing of the 100 biggest metro areas. Nationally, prices rose 6.5% in the 12 months ending June, CoreLogic says.
What’s driven that is a huge rise in foreclosure sales. Foreclosures — known in the business as real estate owned — accounted for 52% of all transactions in Baltimore in May — dwarfing the national average in the low teens, according to Sam Khater, deputy chief economist at CoreLogic.
(Excerpt) Read more at marketwatch.com ...
I wouldn’t live there if houses cost a dollar!
Why are Baltimore house prices are plunging?
It would be a similar reason as to why black people from the North weren’t flocking to move next to a KKK headquarters in the South in 1963...
Riots, crime and shootings might have something to do with it. /sarc
Baltimore is a few habitable neighborhoods and the waterfront surrounded by absolute slum.
Maryland is of, by and for liberals. If you just loving paying high taxes and being regulated by power hungry politicians then Maryland is the place for you! Its probably safe to safe that most people who live in the state are considering leaving.
If you ride around in an armored personnel carrier its not so bad. ;)
Baltimore-Columbia-Towson metro area were down 8% in the year ending June
I don't think raising property taxes 8 % is the answer. The value of a house isn't predicated on property taxes only.
Of course I could have missed your sarcasm tag !
Wait' you mean the economic laws of supply and demand also apply in da'hood...
Shocking...
Funny you mention taxes. Besides having high taxes, Md passed draconian lead abatement laws for rentals. Sounds nice, in practice it’s not. Any home built before 1978 must be inspected and certified lead free.
“Only accredited inspectors are qualified to provide these inspection services. The Law also requires registration, fee payment and distribution of educational materials in
addition to the inspection requirements.”
It makes some homes unmarketable at any price. Guess when all Baltimore was built?
I never thought of that.
A few decades ago they did sell homes on the waterfront for a buck provided they were renovated. They later became quite expensive.
that is hilarious!
Maryland delayed foreclosures until they just couldn’t do it anymore, so all at once, you’ve got a bunch of foreclosed, under-maintained, badly-located houses coming on the market. Prices dropped. Who’d a thunk it?
” Foreclosures — known in the business as real estate owned — accounted for 52% of all transactions in Baltimore in May — dwarfing the national average in the low teens,”
I’m always surprised when socialist economists are surprised that their policies don’t work out as they had foreseen.
Surprisingly, the article fails to include the obvious reasons.
I’m always surprised when socialist economists are surprised that their policies don’t work out as they had foreseen.
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Yep. Then add in the mayor allowing some of Baltimore’s finest citizens ‘space to destroy’, and guess what?
Baltimore is the ‘new Detroit’.
:)
As I've written before, it's not Baltitroit.
Boy Alex, that’s a tough one. I take a stab at it and say because there’s too many Amish.
If you look into the history of how lead paints became banned, you'll find our masters unable to explain why black kids scored worse on standardized tests than their non-black counterparts.
Lead paint! Yeah! That must be it! They're eating lead paint chips from older homes and ruining their brains! So they've eradicated lead paint.
And that fixed everything. Right?
I can't imagine why there are so many forclosures
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